September 12, 2017
JOLTS data show another rise in job openings for a labor market that was very strong going into Hurricane Harvey and Irma. The economic impact of both hurricanes is still unfolding but is certain to be significant, holding down production and consumption but only temporarily before rebuilding takes hold.
Stocks extended yesterday's strong rally with a solid 0.3 percent gain for the Dow to 22,118.86 and a new record, the first in 5 weeks. Gold, at $1,335, held steady after heavy selling yesterday. Oil also held steady, at just over $48, but with wholesale gasoline prices up 1.5 percent to $1.66. Demand for the safety of bonds continues to ease with the 10-year Treasury yield up several basis points to 2.17 percent. The dollar index was steady at 91.92.